Continuing a long-entrenched downward trend, membership of
occupation pension schemes in the UK fell again in 2010, the Office
for National Statistics (ONS) has reported. Overall membership of
pension schemes ended 2010 at 27.2m, down 1.8% from 27.7m at the
end of 2007. There were an estimated 14.7m members of private
sector schemes and 12.5m members of public sector schemes.
More significantly, 2010 ended with
8.3m active (employee) members of occupational pension schemes,
down 4.6% compared with the 8.7m at the end of 2009 and the lowest
level since the 1960s when active membership peaked at more than
12m.
Go deeper with GlobalData
At the end of 2010, of the total
active membership, 5.3m members were in public sector schemes and
3m members were in private sector schemes. However, in the case of
the 9m pensions in payment this pattern was reversed with 5m in the
private sector and 4m in the public sector.
Preserved pension entitlements of
former employees who were not yet receiving a pension accounted for
the remaining 9.8m of total pension scheme membership. Of the 9.8m,
3.2m were in private sector schemes and 6.6min public sector
schemes. The ONS noted that because pension members can have more
than one type of membership, its estimates are not based on counts
of individuals.
On a positive note, active membership of pension schemes is set
to change when auto-enrolment of private sector employees into a
workplace pension scheme begins in October 2012. According to a
study
Keep on Nudging, published by Standard Life in October
this year, the new system could result in the number of pension
scheme members rising by as many as 6m by 2017.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
